- David Schwartz, Ripple’s CTO, recently addressed concerns about XRP on X.
- Schwartz highlighted the XRP ledger’s transparency, ensuring asset ownership and clear trading.
- Schwartz clarified that his 32-year-old patent is unrelated to XRP’s decentralized design.
In a recent interaction on X, previously known as Twitter, David Schwartz, Ripple‘s Chief Technology Officer, addressed some pressing concerns surrounding XRP. The conversation, initiated by crypto enthusiast Wolf of Golden Street (WoGS), delved deep into the origins, design, and security of XRP.
Max Keiser, a well-known Bitcoin maximalist and media personality, had recently labeled XRP “centralized.” Consequently, WoGS sought clarity on whether the top 1% benefited from the primary XRP system. In response, Schwartz emphasized the transparency of the XRP ledger. He highlighted that this transparency ensures asset ownership and facilitates clear trading practices.
Moreover, WoGS expressed concerns about the core design of XRP, which he believed was based on a patent. Additionally, there were apprehensions about potential hacking attempts by the Department of Homeland Security (DHS). Addressing these concerns, Schwartz stated that while the XRP ledger and its regulations are in the public domain, it remains uncertain what kind of hacking the DHS might undertake. However, he quickly added that any flaws discovered are typically rectified swiftly, making repeated attacks unlikely.
Significantly, Schwartz refuted claims linking his 32-year-old patent to XRP’s decentralized architecture. He clarified that the patent, recently brought to light by Keiser, was unrelated to XRP’s current design. Instead, the originality of his invention was rooted in a different concept, which has since lost its relevance.
Furthermore, Schwartz shed light on the timeline of his patent with Bitcoin’s creation. He confirmed that his patent was filed before the inception of Bitcoin (BTC). He also pointed out that Bitcoin’s revolutionary approach used proof of work to tackle the double spending problem, a concept distinct from his patent.
Amid these clarifications, Schwartz also touched upon Satoshi Nakamoto’s comments on Ripple’s systems. He stated that while Nakamoto had commented on the initial RipplePay system, there had been no public remarks on XRP. He emphasized that XRP represented a significant technological shift from the original RipplePay system.
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